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Canadian Dollar Tags Early December Pivot

Canadian Dollar Tags Early December Pivot

Jamie Saettele, CMT, Sr. Technical Strategist

Daily Bars

eliottWaves_usd-cad_body_usdcad.png, Canadian Dollar Tags Early December Pivot

Prepared by Jamie Saettele, CMT

The USDCAD traded just under its January low of 10075 today and also reached the -2nd standard deviation band for the first time since the October low (10/27). Pattern at this point lacks clarity but an intraday key reversal (240 minute bar that ended at 13:00) warrants a cautious bullish bias as long as price is above 10050. Upside levels of interest are 10175 and 10220.

Bottom Line – flat

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.